Record High Prices in Local Housing Market for 2022
FOR IMMEDIATE RELEASE
Contact: Carrie Traub, 2023 GAAR President
505-259-2415, president@gaar.com
Kent Cravens, GAAR CEO
505-724-3481, kent@gaar.com
Albuquerque, NM (January 31, 2023) – Total sales of single-family detached homes in the Greater Albuquerque market declined 20.8 percent from the previous year to 10,712 sales, the lowest since 2016. Median Home sales price for 2022 hit a record high of $330,000, a 13.79 percent increase from the previous year, The average sales price in 2022 was $378,491, an 11.08 percent increase over the previous year, another record high.
Condo/townhomes that sold in the Greater Albuquerque market were down 22.6 percent with 1,146 reported for the year. The average sales price for condo/townhomes rose 12.5 percent from the prior year to $243,783, while the median sales price rose 13.8 percent to $239,000.
In 2022 most single-family homes were sold within the first thirty days of being on the market, with 82.3 percent selling within 30 days of being listed in the Southwest Multiple Listing Service. Only 3.9 percent of detached home sales were on the market 90 days or longer. Historically low inventory and a shortage of available homes for buyers was again a common theme in 2022, ending the year with only 623 single-family homes for sale.
“The market data shows us that 2022 was another record-breaking year,” said Carrie Traub, 2023 President of the Greater Albuquerque Association of REALTORS®. She added, “The greater Albuquerque market is reflective of a nationwide shortage of homes. As long as demand outpaces supply, prices will remain elevated, but stable.”
To see the full report for the 2022 Annual Market Statistics, go to the GAAR.com Market Statistics section.
# # #
About GAAR
For more than 100 years, the Greater Albuquerque Association of REALTORS® (GAAR) has served home buyers, home sellers, and the local community. Throughout the years, the Association has undergone several name changes as its geographic boundaries have expanded to include areas in Bernalillo, Valencia, Sandoval, Santa Fe and Torrance County.
Today GAAR is the largest local professional trade association in Central New Mexico with over 4,500 members pledged to a strict Code of Ethics and Standards of Practice. Established in 1921, GAAR is the Voice for Real Estate for the Greater Albuquerque Area and the trusted source for accurate real estate market data and trends.
REALTOR® is a registered collective membership mark that may be used only by real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS® and subscribe to its strict Code of Ethics.
For media assistance, please contact Laura Harris at 505-724-3461 or laurah@gaar.com.